A new report from Deloitte's Centre for Health Solutions in the United Kingdom called The Challenge of Compliance in Life Sciences, looks at how globalization, alliances and partnerships, heightened transparency expectations, increased emphasis on innovative technologies, and the ever-evolving needs of existing and emerging customers are driving companies in this highly regulated sector of the economy to re-examine their approach to compliance.
Although the research is specifically concerned with firms in the life sciences industry, the study’s various findings and critical insights drawn from them actually have much broader relevance for organizations in general.
Among the study’s initial findings based on interviews conducted with senior compliance leaders in almost a dozen major companies are that:
- Organizations often lack an enterprise-wide view of compliance risks.
- Big Data’s role in compliance is often overlooked.
- Lack of dedicated, local compliance resources presents a significant risk for global companies.
- Leading companies build regulatory engagement into their innovation models.
- The competitive advantages of ethics-driven cultures are being recognized.
The report concludes that while compliance has traditionally been viewed as simply an insurance policy against risk – and, accordingly, received a proportionately low level of investment and attention – this approach is no longer sustainable. It contends that compliance has to be viewed as a source of competitive advantage and customer differentiation. The report’s authors suggest that organizations should be taking the same approach compliance as they do towards innovation in their core field of endeavour.